Firms Cite Price Cap as Reason for Declining to Bid
No energy company submitted bids for the UK government's auction for offshore windfarm contracts. Firms claim that the price cap of £44 per megawatt hour does not accurately reflect the 40% increase in construction costs. Currently, UK electricity prices are around £87 per megawatt hour.
Auction's Failure to Secure Contracts is a Blow to Offshore Wind Power Ambitions
The purpose of the auction was to ensure that wind farm projects receive a guaranteed price for the electricity they generate for 15 years. This development is a setback for the UK's goal to triple offshore wind power to 50 gigawatts by 2030. Experts suggest that this could lead to an additional £1 billion in customer bills, as the UK will have to import more expensive energy. Scottish Power's CEO, Keith Anderson, describes it as a "wake-up call" and a "multi-billion lost opportunity."
Asda's Owners Reduce Debt on EG Group Petrol Empire
Issa Brothers Decrease Debt by 41%
The owners of Asda, the Issa brothers, have successfully reduced the debt on their EG Group petrol empire by 41%, according to recently released accounts. In May, Asda purchased EG's UK and Irish garages for £2.27 billion. The brothers have faced questions about the competitiveness of Asda due to their debt dealings.
Heathrow to Lower Passenger Fees Following Regulatory Ruling
Competition Authority Backs Decision to Decrease Fees
Heathrow airport will be compelled to lower passenger fees after the competition authority upheld a ruling by the Civil Aviation Authority. While the competition regulator acknowledges that there were errors in the CAA's instruction to cut charges, Heathrow will still be required to reduce fees by almost a fifth next year.
Royal Fund Sees Shares Soar After Takeover Agreement
Round Hill Music Royalty Fund's Shares Leap 64%
Shares of the Round Hill Music Royalty Fund skyrocketed by 64% after reaching a £375 million takeover agreement with Concord, a Los Angeles-based rival. The fund owns the rights to songs by popular artists such as The Supremes, Phil Collins, and Bonnie Tyler.
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https://hellofaread.com/money/beloved-crew-clothing-store-in-tenterden-is-closing-down-but-theres-good-news-for-shoppers/
